Fees for transferring DB pension

[Deleted User]

Yet as you had admitted, and as the FOS confirmed when they got the facts from you and from Hargreaves Lansdown, the adviser Hargreaves Lansdown did give you a written declaration of advice, before you paid their bill. So the dream that you never had, didn't come to pass.

The above is uncontested, as bowlhead knows.

The issue is that Hargreaves Lansdown refuses to acknowledge to a third party that they have provided financial advice, when they have. Therefore, don'tuse Hargreaves Lansdown for a DB pension transfer because
1) Their (top end) pricing arrangement incentivises their advisers to provide a negative recommendation.
2) If you see through the advice and become an insistent client: they will try to thwart you.
3) If you then take your case to the Financial Ombudsman, it will take their side.
4 ) If you're still on board with Hargreaves Lansdown, good luck!

Mick70

gemma888 wrote: »

Hi All,
does anyone have experience of the average fees in transferring a DB pension of £250K?
I have been quoted £9000 which seems a bit excessive, I appreciate it's not a simple task but even so.

morning gemma, im still awaiting thew reports from the IFA to then decide if transfer or not, my charge is 0.75% of the pot.
£9k seems excessive to me , i would expect maybe up to £3k in your scenario ?
why not approach other IFAs ?

Mick70

sandsy wrote: »

People should be happy to get the right advice for them, based on their circumstances, irrespective of whether an adviser recommends a transfer or not. Just because you are happy doesn't mean that a transfer is the right thing for everyone else. People should also be wary of advice firms that only charge if they recommend a transfer - errr, conflict of interest anyone?

I am having to pay £3k for the advice alone, then IF go ahead pay 0.75% of total pot Less the initial £3k